Stock markets and the dollar steadied as investors expected the US Federal Reserve to cut interest rates Wednesday to shore up the world's biggest economy.

Traders took a breather from the global rally that lifted several equity indexes to record highs over recent weeks, as they anticipate the Fed decision and post-meeting comments by bank boss Jerome Powell.

The Dow rose at the opening bell on Wall Street, but the S&P 500 and Nasdaq Composite were flat.

In Europe, London and Frankfurt stocks rose in afternoon trading, while Paris dipped.

"The Fed meeting... is one of the most hotly anticipated for the year so far," said Kathleen Brooks, research director at XTB trading group.

While a 25-basis-point reduction -- the first of 2025 -- has been baked into valuations for some time, the ma

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